Inflation has reached levels not seen since 2008, adding pressure on the Bank of England to take action. In February, consumer prices added 0.7% over the previous month, which came in above the 0.1% price increase tallied in January. As a result of the pronounced price increase in February, annual inflation jumped from 4.0% in January to 4.4%, which exceeded market expectations of inflation increasing to 4.2% and represented the highest rate since October 2008. The most important factor driving the monthly price increase was higher prices for clothing and footwear (+3.6% month-on-month), following the end of the January sales. However, higher prices for food and oil also contributed to the monthly price hike. In its latest inflation report, the Bank of England raised its inflation expectations from 2.8% in the November publication to 4.3%.
United Kingdom Inflation
Inflation rises to highest level in over two years
March 22, 2011
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United Kingdom Economic News
October 21, 2016
Following nearly four months of little or no news regarding formal negotiations with the European Union, in early October, Prime Minister Theresa May finally shed some light on the Brexit timeline and announced that Article 50 of the Lisbon Treaty will likely be triggered before the end of March 2017.
October 19, 2016
In September, jobless claims increased by 700 from the previous month, according to the Office for National Statistics (ONS).
October 18, 2016
In September, consumer prices increased 0.2% from the previous month, which came in below the 0.3% increase seen in the previous month.
October 8, 2016
In August, industrial production contracted 0.4% over the previous month in seasonally-adjusted terms, which contrasted the 0.1% increase recorded in July.
October 3, 2016
In September, the manufacturing sector recovered the ground it had lost after the EU referendum.